Television

Sebi waiver for News Corp arm: report

18 Sep, 2003 - 02:00 PM IST | By indiantelevision.com Team

MUMBAI: Rupert Murdoch's News Corporation Ltd's subsidiary companies have been granted exemption by the Securities and Exchange Board of India (Sebi) from making an open offer for shares of Hughes Software System Ltd.

Sebi granted exemption in terms of Regulation 4(6) of the takeover regulations on 12 September 2003, the Hindu Business Line has reported.

News Corp had formally applied to the US federal communications commission (FCC) for clearance of its $6.6 billion stock and shares purchase of 34 per cent stake in Hughes Electronic in May.

According to the Hindu Business Line, the US-based Hughes Electronics owns 55.44 per cent equity stake in Hughes Software Systems Ltd. News Corp has proposed to acquire stake through its wholly-owned subsidiary, News Publishing Australia Ltd.

Hughes Electronics' shareholding is to be reorganized by a series of inter-company transfers among the subsidiaries of News Corp, the report states.